MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

MNI BRIEF: PBOC To Watch CNY Moves Closely - Vice Governor Zhu

MNI BRIEF: China Aims To Digitalise 70% Of Firms By 2025

MNI BRIEF: Q1 Cross Border Activity Up 117.8% - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI UK Inflation and Labour Market Insight: April 2024 Release

MNI: EUROZONE FEB CONSTRUCTION OUTPUT +1.8% M/M, -0.4% Y/Y

Q1 Industry Survey Suggests H1 Growth Tailwind

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Market Roundup: Holding Near Highs Post Data

US TSYS
FI firmer post data, top end of overnight range as long end adds to midweek rally as weekly claims come out higher than est at 203k vs. 193k, PPI largely in-line +0.5% MoM, +11.0% YoY.
  • Curves extend bull flattening -- are moving off lows after 2s10s fell to 22.474 low from over 42.0 on Monday, 26.859 last (-0.880). The 5s30s spd still holding above inversion around 3.260 after falling to 0.397 earlier.
  • Short end recovering from Wed's sell-off where additional 50bp hikes priced in after hot Apr CPI +0.3% MoM/+8.3% YoY -- faster pace than the 8.1% analysts exp while Core CPI jumped 0.6% MoM, 6.2% YoY, rekindled 75bp hike debate.
  • US 10Y technicals: Despite the bounce off Mon's lows a primary downtrend remains intact w/ corrective (bullish) cycle established, suggesting potential for additional gains near-term.
  • TYM2 contract at 119-28 trades above 20-day EMA (119-10+) opens key resistance of 120-18+ (Apr 27 high). This level represents an important short-term resistance where a break would signal scope for a stronger retracement. Meanwhile, key support and the bear trigger is at 117-08+.
  • Cross-assets: WTI Crude Oil (front-month) down -1.25 at $104.48 on soft global demand; Gold down 6.42 at $1845.98.
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